Yes, the first answer helps so much, thank you! You won't believe how many people I asked this question to.

On the second part, I have an invoice from a vendor, and the individual we have the loan from made a payment on their credit card (I already have this entered in the loan payable). The only way for me to identify how much of a credit that I have floating for this vendor, I recorded this as "bill payment" and recorded the full amount of the credit card payment. Is that correct?